Constable Posted December 28, 2010 Share Posted December 28, 2010 http://www.bbc.co.uk/news/business/market_data/currency/11/12/one_month.stm How long before UK coinage is worth more as scrap metal? Quote Link to comment Share on other sites More sharing options...
ken_ichikawa Posted December 28, 2010 Share Posted December 28, 2010 I bet another round of printing will resolve the issue Quote Link to comment Share on other sites More sharing options...
jfk Posted December 28, 2010 Share Posted December 28, 2010 I bet another round of printing will resolve the issue +1 Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted December 28, 2010 Share Posted December 28, 2010 (edited) http://www.bbc.co.uk/news/business/market_data/currency/11/12/one_month.stm How long before UK coinage is worth more as scrap metal? Pre-82 (ish) copper 2p's are worth 4p in copper. The bubble blowers are just about to remove anyting tangible from a lot of the coinage by replacing what half decent metals there are in coinage with mild steel. Presumably there should be plenty of that around from all the industry that they have destroyed over the last ten years. Nearly all the goods bought over the leveraged winter festival will have been imported. Edited December 28, 2010 by OnlyMe Quote Link to comment Share on other sites More sharing options...
ccc Posted December 28, 2010 Share Posted December 28, 2010 Why does this always get so sensationalist ? It goes up it goes down. And at the moment it is not exactly at the levels so many were warning about 2 years ago... Quote Link to comment Share on other sites More sharing options...
ken_ichikawa Posted December 28, 2010 Share Posted December 28, 2010 Pre-82 (ish) copper 2p's are worth 4p in copper. The bubble blowers are just about to remove anyting tangible from a lot of the coinage by replacing what half decent metals there are in coinage with mild steel. Presumably there should be plenty of that around from all the industry that they have destroyed over the last ten years. Erm I'm not sure if the UK even makes steel these days, the Tyneside plant was 'mothballed' about 6-9 months ago after Tata closed it down. Maybe we can have backyard furnaces like Mao envisaged to make our high quality steel! Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted December 28, 2010 Share Posted December 28, 2010 Erm I'm not sure if the UK even makes steel these days, the Tyneside plant was 'mothballed' about 6-9 months ago after Tata closed it down. Maybe we can have backyard furnaces like Mao envisaged to make our high quality steel! The Port Talbot steel-works make some of the most high grade steel anywhere on the planet. Some of the boys still like a kip on the night shift though Quote Link to comment Share on other sites More sharing options...
Realistbear Posted December 28, 2010 Share Posted December 28, 2010 http://www.bbc.co.uk/news/business/market_data/currency/11/12/one_month.stm How long before UK coinage is worth more as scrap metal? Copper prices makes melting coins down worthwhile, or so they say. Pigeons must be coming home to roost at last. All that guff from the IMF earlier this year that the UK was well placed to weather the storm and the Koalishon had a plan blah blah blah. We WILL follow the US in their HPC and the US market has seen 40-50% down in the hot markets with more to come. We are down, at best 15%, so have a looooooooooooooooong way to go before we have paid the tallyman for our ridiculous house prices. Stay away from Sterling and don't get close to Euros either. Quote Link to comment Share on other sites More sharing options...
Guest spp Posted December 28, 2010 Share Posted December 28, 2010 Pre-82 (ish) copper 2p's are worth 4p in copper. The bubble blowers are just about to remove anyting tangible from a lot of the coinage by replacing what half decent metals there are in coinage with mild steel. Presumably there should be plenty of that around from all the industry that they have destroyed over the last ten years. Pre - 92. We won't mention those old pre 1920/1947 SILVER coins New 5p and 10p coins delayed over parking chaos threat This is starting to look more like Weimar by the day. Quote Link to comment Share on other sites More sharing options...
plummet expert Posted December 28, 2010 Share Posted December 28, 2010 Copper prices makes melting coins down worthwhile, or so they say. Pigeons must be coming home to roost at last. All that guff from the IMF earlier this year that the UK was well placed to weather the storm and the Koalishon had a plan blah blah blah. We WILL follow the US in their HPC and the US market has seen 40-50% down in the hot markets with more to come. We are down, at best 15%, so have a looooooooooooooooong way to go before we have paid the tallyman for our ridiculous house prices. Stay away from Sterling and don't get close to Euros either. You are back to your old self RB! In fact the Coalition has made some strange decisions lately, whatever side of the fence your views normally sit. Their extended honeymoon is over and we will see strikes and strife as the cuts arrive over the coming months. IR's will have to rise as inflation will not go down. In addition it will look even worse as 2.5% is added to the figure by VAT for the whole of next years figures. Oil is ramping up and tax take is not good against absolutely mind blowing govt borrowing. In Nov Govt borrowing was £23.5 billion - just ONE MONTH!! The cuts announced so far are not actually sufficient to bring this country's finances back under control because the national debt is increasing so rapidly that any benefit from the cuts will be lost in the extra interest payments needed to pay for the collossal national debt - around £1TRILLION currently...and rising. If the money markets were to lose any faith and we have to pay a higher rate, then we will soon see how over mortgaged UK PLC actually is. France is pretending they are in a better state than they say and the truth is gradually winkling out - exposure to other Euro banks is at dire levels and worst than any other EU member. PIGS - well we don't hear much of Italy, but frankly their finances are appalling and their home news not good. Fiat have admitted that Euro sales are down 24% in the last quarter. The next few months will be about crisis management and much papering over the cracks. Will the Euro survive all this? Only if Germany and France decided that it is cheaper to pay for its survival than to let it go. If Germany sees exports waning this coming year despite spending all this rescue money what do you think they will do? The forces of anti Eurozone may become very strong next summer autumn if it goes as pear shaped as I suggest it could. Quote Link to comment Share on other sites More sharing options...
moneyscam Posted December 28, 2010 Share Posted December 28, 2010 Why does this always get so sensationalist ? It goes up it goes down. And at the moment it is not exactly at the levels so many were warning about 2 years ago... Yes and no, depends on what you are looking at. GBP index last traded @ 153.5, still quite above it's all time low of 136 so yes nothing to write home about yet. If you look at certain crosses like AUD and CHF it is making all time record lows so you can understand some of the sensationalism. I'm not sure if we are looking at a cyclical low or a new secular trading range being established with the previous lows now becoming the ceiling of this range. I would lean towards new secular lows as the UK economy is structurally getting weaker IMO but wouldn't bet the farm on it. http://stockcharts.com/freecharts/gallery.html?$XBP Quote Link to comment Share on other sites More sharing options...
MrFlibble Posted December 28, 2010 Share Posted December 28, 2010 I'm still surprised it is worth what it is to be honest. With every man, woman and child holding £170k worth of debt then one has to wonder how much longer this game of musical debt chairs can go on... Quote Link to comment Share on other sites More sharing options...
neil324 Posted December 28, 2010 Share Posted December 28, 2010 The past couple of years a Pound weakness coincided with falling commodity prices from Dollar strength. Early days but don't seem to be trending that way this time does it. CPI Q1 is going to be shocking. Quote Link to comment Share on other sites More sharing options...
non frog Posted December 28, 2010 Share Posted December 28, 2010 ... Will the Euro survive all this?.... Yes. So will the pound and the US dollar and a whole host of other photocopy paper based beer tokens. You will just need more of them than you earn Quote Link to comment Share on other sites More sharing options...
newbonic Posted December 28, 2010 Share Posted December 28, 2010 (edited) Pre-82 (ish) copper 2p's are worth 4p in copper. The bubble blowers are just about to remove anyting tangible from a lot of the coinage by replacing what half decent metals there are in coinage with mild steel....... Aluminium's less that a third the price of copper - that would make wonderfully cheap n nasty feeling coinage. I think some low denomination US coins are already made of Al. Edit to add: Just googled and the yank 1c coins are zinc. UK 1 and 2p coins are already copper plated steel. Edited December 28, 2010 by newbonic Quote Link to comment Share on other sites More sharing options...
ken_ichikawa Posted December 28, 2010 Share Posted December 28, 2010 Aluminium's less that a third the price of copper - that would make wonderfully cheap n nasty feeling coinage. I think some low denomination US coins are already made of Al. Korean 100 and 200 won coins. You can have a whole pocket full of them and it weighs nowt! But seeing as 10000krw is only 5 quid! (was 4 quid) Quote Link to comment Share on other sites More sharing options...
Constable Posted December 28, 2010 Author Share Posted December 28, 2010 If they don't start raising rates soon then there're gonna get forced into an emergency one at some point which will panic the markets and probably cause gilt yields to spike. The BoE's "vigilance" on inflation amounts to watching it while it goes up and up. These muppets are always behind the curve. Quote Link to comment Share on other sites More sharing options...
gf3 Posted December 28, 2010 Share Posted December 28, 2010 I'm still surprised it is worth what it is to be honest. With every man, woman and child holding £170k worth of debt then one has to wonder how much longer this game of musical debt chairs can go on... have you got a link to that figure Quote Link to comment Share on other sites More sharing options...
Stay Beautiful Posted December 28, 2010 Share Posted December 28, 2010 Aluminium's less that a third the price of copper - that would make wonderfully cheap n nasty feeling coinage. I think some low denomination US coins are already made of Al. Edit to add: Just googled and the yank 1c coins are zinc. UK 1 and 2p coins are already copper plated steel. Money debasing. I think the Romans had a go at that. Quote Link to comment Share on other sites More sharing options...
Number79 Posted December 28, 2010 Share Posted December 28, 2010 http://www.bbc.co.uk/news/business/market_data/currency/11/12/one_month.stm How long before UK coinage is worth more as scrap metal? where have you been? Gold sovs stopped being in general circulation years ago. They reduced the silver content of coins to 50% in 1920. They removed all silver in 1948. They took the copper out of our coins in 1992. We cant even afford to put copper in our coins. There is no scrap value for anything in your pocket. Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted December 28, 2010 Share Posted December 28, 2010 (edited) If they don't start raising rates soon then there're gonna get forced into an emergency one at some point which will panic the markets and probably cause gilt yields to spike. The BoE's "vigilance" on inflation amounts to watching it while it goes up and up. These muppets are always behind the curve. They are not behind the curve they are doing everything they can to create it. 2011 will be the year of blowback - this time they collapse the whole economy with their actions, damaging as many people's finances as possible - not just the proflilgate idiots who they are willing to risk everything to protect. Edited December 28, 2010 by OnlyMe Quote Link to comment Share on other sites More sharing options...
ken_ichikawa Posted December 28, 2010 Share Posted December 28, 2010 Korean coins are fun. A 10Krw coin is worth 38Krw in copper (the pre 2006 ones). The Koreans started melting them down ages ago. Quote Link to comment Share on other sites More sharing options...
Guest spp Posted December 28, 2010 Share Posted December 28, 2010 (edited) If they don't start raising rates soon then there're gonna get forced into an emergency one at some point which will panic the markets and probably cause gilt yields to spike. The BoE's "vigilance" on inflation amounts to watching it while it goes up and up. These muppets are always behind the curve. Money debasing. I think the Romans had a go at that. There is no scrap value for anything in your pocket. Edited December 28, 2010 by spp Quote Link to comment Share on other sites More sharing options...
gf3 Posted December 28, 2010 Share Posted December 28, 2010 If they don't start raising rates soon then there're gonna get forced into an emergency one at some point which will panic the markets and probably cause gilt yields to spike. The BoE's "vigilance" on inflation amounts to watching it while it goes up and up. These muppets are always behind the curve. I don't think there is anything the BOE can do about inflation. I think most people will agree that the people in the UK have been living well above our means for decades. we have been importing more than we export for years. Our standard of living is going to go down and there is no quick fix. There are two ways our standard of living can go down either we cut all our wages or everything gets more expensive. To think that increasing the interest rate is going to let us keep our standard of living is naive. Quote Link to comment Share on other sites More sharing options...
longtomsilver Posted December 28, 2010 Share Posted December 28, 2010 I don't think there is anything the BOE can do about inflation. I think most people will agree that the people in the UK have been living well above our means for decades. we have been importing more than we export for years. Our standard of living is going to go down and there is no quick fix. There are two ways our standard of living can go down either we cut all our wages or everything gets more expensive. To think that increasing the interest rate is going to let us keep our standard of living is naive. +1 Quote Link to comment Share on other sites More sharing options...
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